(DÜSSELDORF, GERMANY) – Hines, the international real estate firm, has secured commercial law firm CMS Hasche Sigle as the anchor tenant for its new construction project in Kasernenstrasse 45-49 in Düsseldorf’s Central Business District. The lease was signed for a term of 10 years. The project will be carried out as a joint venture by Hines and a German pension fund company.
CMS Hasche Sigle will occupy 37,000 square feet of build-to-suit office space beginning in 2019. The building will offer an additional 13,000 square feet through expansion options. Plans are currently progressing through the design process.
Benjamin Biehl, managing director of Hines, said, “With CMS, we have gained one of the most renowned law firms in Europe for our new building in Kasernenstrasse 45-49. In addition to the Kö-Quartier and Carlsquartier buildings, we look forward to progressing the regeneration of Düsseldorf’s banking district with a further project. This pre-lease agreement is testament to the strength of the development.”
The new Kasernenstrasse 45-49 building, designed by KSP Jürgen Engel Architekten, will be located in the heart of Düsseldorf’s inner city and will make a significant contribution to the transformation of the Kasernenstrasse.
Once completed in 2019, the new building will offer approximately 50,052 square feet of ultramodern office space and approximately 6,997 square feet of exclusive retail space. With quality and timelessness, the new development is the architectural opposite of the landmark former Commerzbank high-rise, designed by architect Paul Schneider-Esleben. The Carlsquartier project, also developed by Hines, will complete the new design of the Kasernenstrasse.
High-quality materials and the latest technology will be used for the building's interior features. As well as the new building, the former Commerzbank tower will be modernized within the framework of the entire project and will provide approximately 67,274 square feet of usable space in addition to the new development.
CUBION Immobilien AG acted for the tenant in an advisory capacity. Pro m² GmbH provides the tenant with planning advice. The landlord was given legal advice by P+P Pöllath + Partners.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.